Many NCR projects in bankruptcy court, IBC changes key for homebuyers | Noida News – Times of India

NOIDA: If the changes recently proposed in the Insolvency and Bankruptcy Code (IBC) come through, there would be few places where homebuyers would be more relieved than in NCR.
Currently, there are 31 insolvency cases from Noida and around 20 from Gurgaon at NCLT, the bankruptcy court, involving developers of housing projects. Since several of these are large projects – Jaypee’s Wish Town, for example, is one – the number of flats caught in the tentacles of long-drawn corporate insolvency resolutions would run into several thousand if not over a lakh. The main changes being considered – to allow registries while resolution is on and delink other projects of a developer from the one in insolvency – are most relevant to the two NCR cities because of their huge real estate markets and chronic problems of delayed handovers and incomplete amenities. In Noida, registries are anyway stuck because of the deadlock over dues between the Noida Authority and builders, to which insolvency proceedings have added another layer of complication. Of the 31 cases in the insolvency court, 14 are from Noida and 17 from Greater Noida. Other than Jaypee, projects of big developers like Supertech, Logix, Ajnara find themselves in the NCLT.

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